According to Reuters Switzerland has caved to international pressure to share the information of its account holders with the tax agencies several nations. For many decades the Swiss bank has been the bank of choice for the wealthy to hide some of their wealth in secret bank accounts that the Swiss would keep secret. Now Swiss banks are being forced to provide the names, addresses, country of origin, and tax identification.
While there are still a few countries left which have keep their bank account owners information a secret pressure from the international tax community is quickly bringing that to an end. Providing this information has now put Switzerland's banks into fierce competition against other expanding banking systems like Hong Kong and Singapore. It probably will mark a decline in the prominence of Swiss banking as discreet account holders will have to seek privacy else where.
source: https://www.reuters.com/article/us-swiss-secrecy/era-of-bank-secrecy-ends-as-swiss-start-sharing-account-data-idUSKCN1MF13O
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